Winners of 19th Economic Essay Contest

Jin Sung-kyu, left, and Lee Jun-ho

The Korea Times is pleased to announce the winners of its 19th English Economic Essay Contest for university students written on one of two subjects: “Unprecedented changes are expected with the full-fledged launch of Al, such as ChatGPT. Discuss how commercial banks may utilize generative Al in benefiting their customers,” and “Banks have traditionally relied on interest margins for their revenue, but they are now trying to diversify their business portfolios with new businesses such as delivery services and used car sales. Suggest fresh ideas for banks wishing to expand their boundaries through business diversification.”

Jin Sung-kyu, a student at the University of Pennsylvania, and Lee Jun-ho, a student at Kookmin University, both won the Grand Prize.

Each will receive 3 million won and an award plaque.

The runners-up were Lee Seung-yup, an MBA student at the University of Michigan-Ann Arbor, and Jung So-jin, a student at Yonsei University.

Each will receive 2 million won and an award plaque.

Commendation awards went to Yoo Jae-young who is attending Korea National Open University, Natasha Elyssa Gadjali, a student at Yonsei University's Underwood International College and Ha Ji-ung, a student at Kyung Hee University.

Each will receive 1 million won and an award plaque.

They will receive the awards at a ceremony on Nov. 23 at Lotte Hotel in Seoul. Their essays will be published in that day’s edition of The Korea Times.